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Dec 31, 2012
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the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland
the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff....
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Dec 31, 2012
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there's also a series of spending cuts that will also be triggered by the fiscal cliff. $1.2 trillion in sequestration will kick in beginning january 2nd. next year alone, $109 billion will be slashed. half from the defense budget and half from nondefense spending. the so-called doc fix would also go away, reducing medicare payments to doctors by 27%. and finally, unemployment benefits will run out for more than 2 million americans who have lost their jobs. benefits will only be available for up to 26 weeks, a drastic reduction from the 73 weeks available to some out-of-work americans. i want to go to sam stein, but first, dr. sachs, if we go over the cliff, it is the poor americans who will be hit the hardest, correct? >> well, there are parts of that where the poor will be hit the hardest. but if we make a deal right now of the kind that's being talked about, it's going to gut the federal budget for a decade to come. so we're on the brink either of these difficulties right now, which are real, or making terrible decisions that are going to lock us into a situation that we absolutely
there's also a series of spending cuts that will also be triggered by the fiscal cliff. $1.2 trillion in sequestration will kick in beginning january 2nd. next year alone, $109 billion will be slashed. half from the defense budget and half from nondefense spending. the so-called doc fix would also go away, reducing medicare payments to doctors by 27%. and finally, unemployment benefits will run out for more than 2 million americans who have lost their jobs. benefits will only be available for...
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Dec 24, 2012
12/12
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thank you. >> thank you. >>> are retail sales diving off the fiscal cliff? we'll talk about how the tax cut debate is impacting the recent christmas shopping economy. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? when you lost the thing you can't believe you lost.. when what you just bought, just broke. or when you have a little trouble a long way from home... as an american express cardmember you can expect some help. but what you might not expect, is you can get all this with a prepaid card. spends like cash. feels like membership. >>> senator mike crapo is apologizing for his drunk driving arrest. he said, quoetd, i'm deeply sorry for the actions that resulted in this circumstance. i made a mistake for which i apologi
thank you. >> thank you. >>> are retail sales diving off the fiscal cliff? we'll talk about how the tax cut debate is impacting the recent christmas shopping economy. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save...
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Dec 31, 2012
12/12
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cliff is just a minor blip with you in the long run they actually won a large chunk of what they've been after? >> we're going to have to see what is the impact in the the days ahead. can the republicans somehow turn that around? they certainly, inside the white house believe just the opposite because they believe that john boehner was sort of out maneuvered here, he had been pressing the president, pressing the president for some of his issues and what boehner may have forgotten is at the end of the day if there's no action by the congress, all of the bush tax rates are expiring, so the president is going to get what he's wanted in this debate all along, which is that taxes are going up on the rich and-- >> the president's outmaneuvered the republicans from the very beginning on this. >> ed doesn't have to answer that question. >> and kimberly, we're going to give you the last question, before we go to mike emanuel. >> i have a civilized question for mr. henry. >> and civilized-- >> my goodness, bob. >> it sounds worse than the negotiations on the hill. >> it's worse, thank goodnes
cliff is just a minor blip with you in the long run they actually won a large chunk of what they've been after? >> we're going to have to see what is the impact in the the days ahead. can the republicans somehow turn that around? they certainly, inside the white house believe just the opposite because they believe that john boehner was sort of out maneuvered here, he had been pressing the president, pressing the president for some of his issues and what boehner may have forgotten is at...
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Dec 31, 2012
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what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough th
what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of...
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Dec 30, 2012
12/12
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FBC
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cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the president's comments. he was very direct. reporter: he was. d now he passes on to the senate. senate majory leader harry reid, senate minority leader mitch mcconnell. they are trying to come up with something that can pass the house and the senate. the president laid out a proposal earlier this evening. at the beginning of this meeting. $250,000 per year. that income would be shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nonstarter in a
cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the...
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Dec 27, 2012
12/12
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CNNW
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we're talking about the tack increases, the spending cuts that make up the fiscal cliff. president obama, he cut his christmas vacation short to deal with this crisis. he arrived back from hawaii just a short time ago, and the senate also returning to work today hoping to come up with some kind of agreement. but time is running out. jessica yellin, she has the latest from the white house. we've got dana bash following the developments on capitol hill. i want to start off with you, dana. what do we know about a possible compromise on the senate siepd what they might be proposed in fairly short order? >> compromise, i'm not so sure we'll see that. but i was told by a republican senator and democratic senator that the pr indicated before he left for hawaii that he, the president, is expected to send a piece of legislation up today with his scaled back tax plan. that's something that the president outlined in general terms on the friday before he left for hawaii and since then what we've been hearing from republicans, particularly mitch mcconnell's office is we can't talk abo
we're talking about the tack increases, the spending cuts that make up the fiscal cliff. president obama, he cut his christmas vacation short to deal with this crisis. he arrived back from hawaii just a short time ago, and the senate also returning to work today hoping to come up with some kind of agreement. but time is running out. jessica yellin, she has the latest from the white house. we've got dana bash following the developments on capitol hill. i want to start off with you, dana. what do...
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Jan 1, 2013
01/13
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the fiscal cliff legislation. when it made its way across the capitol to the republican controlled house, g.o.p. lawmakers immediately expressed concern about the lack of spending cuts. with the house majority leader publicly and bluntly stating he does not support the bill and the republicans are still at this time, as you look live behind the doors meeting at this hour, they are planning a vote series at some time. but we don't know when. it may include amending the senate bill and sending it back to the senate. meantime, house democrats are demanding a straight up-or-down vote on what came over from the senate. the late-breaking developments leaving the automatic spending cuts and tax increases tied to the fiscal cliff still in play right now. in a desperate race against a different clock, we have another free-flowing, fluid situation tonight. likely a lot of breaking news from capitol hill. we begin with fox team coverage. chief washington correspondent ed henry looks at the president's next move. chief congre
the fiscal cliff legislation. when it made its way across the capitol to the republican controlled house, g.o.p. lawmakers immediately expressed concern about the lack of spending cuts. with the house majority leader publicly and bluntly stating he does not support the bill and the republicans are still at this time, as you look live behind the doors meeting at this hour, they are planning a vote series at some time. but we don't know when. it may include amending the senate bill and sending it...
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senator john mccain says automatic spending cuts to be delayed for two months under tentative fiscal cliff deal. that would seem to me we're going to get a vote at some point this evening on the tatax portion with the delay. we get it in the senate and then it would move to the house and latourette is saying house members have been told to stay close. they may be called back to continue fiscal cliff negotiations. >> yep. you have got the wires right there. and so there had been some conversations, some reports that there might be a two-month or 90-day sequestration, a delay in the sequestration as part of trying to get through this to buy the congress the new congress, more time to do this in a more deliberative way of the as you recall the sequestration was meant to be a hammer from the big super-committee, from back in the 2011 debt ceiling deal. adam: right. >> and everybody thought they would work that out in the super-committee. the super-committee did not work out anymore measured considered cuts. now we have the hammer and members still don't want the hammer. they want toave a
senator john mccain says automatic spending cuts to be delayed for two months under tentative fiscal cliff deal. that would seem to me we're going to get a vote at some point this evening on the tatax portion with the delay. we get it in the senate and then it would move to the house and latourette is saying house members have been told to stay close. they may be called back to continue fiscal cliff negotiations. >> yep. you have got the wires right there. and so there had been some...
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Dec 30, 2012
12/12
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cutting through the clutter of the fiscal cliff and 2016, yes 2016, with a.b. stoddard of the hill, "the washington post," "time" magazine's michael crowley and jessica yellen. i'm candy crowley. this is "state of the union." we still don't know if a deal is in the works or out of the question. mitch mcconnell promised aen update as soon as he had any news to make. that could happen when the senate convenes a rare sunday session of congress. looking to dominate his side of the story while leaders wrangle on the details, president obama made his first sunday show appearance in three years, sitting down with nbc's david gregory this morning to talk about the fiscal cliff. >> i'm arguing for maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal left wing agenda. that used to be considered a republican mainstream agenda. >> joining me senator olympia sn snowe of maine. let me start with that. it does seem sort of counter intuitive to have republicans wanting to fight for tax hikes for no one and in that fight, being willi
cutting through the clutter of the fiscal cliff and 2016, yes 2016, with a.b. stoddard of the hill, "the washington post," "time" magazine's michael crowley and jessica yellen. i'm candy crowley. this is "state of the union." we still don't know if a deal is in the works or out of the question. mitch mcconnell promised aen update as soon as he had any news to make. that could happen when the senate convenes a rare sunday session of congress. looking to dominate his...
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Dec 30, 2012
12/12
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we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given the fact that i have spent 34 years in the united states congress, i thought that in looking over the next six years whether or not it would appreciably change, i didn't think so. i thought it was best to contribute my experience and insiders a voice to match the outsider's frustration and to talk about how it can change and how it used to work i don't see how it changing on the short term, given the partisanship, polarization, putting the political parties first around not the country's interest first, the outside groups that you perpetuate division, i thought i could best contribute that way. i want to ma
we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given...
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Dec 29, 2012
12/12
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that is a fiscal cliff area. >> closed american bond fundsaee leveraged and we think the dividends are going to be cut and there is a risk we would just avoid them. >> do you own any of theserecom? >> for our discretionaryaccounte closed end accounts and the herzfeld caribbean accounts olds all of the those we spoke of. >> susie: thank you very much tom. or our market monitor tomorrow herzfeld. coming up on monday on "n.b.r." we'll be monitoring those fiscal cliff negotiations, and we'll have news and analysis. we'll also a look back at the year in stocks, and s&p's sam stovall joins us to pre-view what's next for the markets in the year ahead. it could be one of the biggest trends in business next year: companies setting aside time for their employees to play. ruben ramirez explains. >> reporter: it may be hard to remember those hot summer days on the playground. the freedom to let your mind wander. how times have changed. as companies slashed jobs during the great recession worker productivity surged, today, many people are doing the job multiple people once did. >> i think our cultu
that is a fiscal cliff area. >> closed american bond fundsaee leveraged and we think the dividends are going to be cut and there is a risk we would just avoid them. >> do you own any of theserecom? >> for our discretionaryaccounte closed end accounts and the herzfeld caribbean accounts olds all of the those we spoke of. >> susie: thank you very much tom. or our market monitor tomorrow herzfeld. coming up on monday on "n.b.r." we'll be monitoring those fiscal...
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the senate to vote within 90 minutes of the deal averting the fiscal cliff figuratively. we will go off the cliff of the nation because taxes will go up on january 1, spending cuts will essentially be ready to go into place january 1 but just the senate passed the deal and sent to the house and they passed it, this can be averted. my colleague rich edson live on capitol hill to explain why although there could be a vote tonight, this is far from a done deal. rich: absolutely. vice president joe biden who has been trying to influence senate democrats, many of them skeptical to support this deal he is negotiate with senate minority leader mitch mcconnell. they want this to be much lower rate is placed on the deal for individuals, $430,000 for married couples. what we're hearing now is the drafting is ongoing, national budget office is taking a look k at this to see exactly how much it is going to cost but as it is known with the impact of the deficit going to be, senator joe lieberman said a short while ago they will try to vote on this thing at some point this evening as w
the senate to vote within 90 minutes of the deal averting the fiscal cliff figuratively. we will go off the cliff of the nation because taxes will go up on january 1, spending cuts will essentially be ready to go into place january 1 but just the senate passed the deal and sent to the house and they passed it, this can be averted. my colleague rich edson live on capitol hill to explain why although there could be a vote tonight, this is far from a done deal. rich: absolutely. vice president joe...
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the big issue today, the fiscal cliff. and you may be asking yourself, why is this so importat? what is so cataclysmic about our nation's finances that we need to implement these monster tax increases and make draconian spending cuts. well, if you want to understand the government and its problems, take a lookat these numbers. let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these euros. a very big number. the spending in the federal budget. you will notice to these numbers bigger than that. not good. the deficit, like how much debt or adding. over a trillion. just when you're. federal government runnng a a tab of a rillion. we talk about this number of the me. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier ifwe thought about one american household. what if each of those numbers translate it into one family. if you ran the household like the fed
the big issue today, the fiscal cliff. and you may be asking yourself, why is this so importat? what is so cataclysmic about our nation's finances that we need to implement these monster tax increases and make draconian spending cuts. well, if you want to understand the government and its problems, take a lookat these numbers. let's start with tax revenue. these are the nation's tax revenues. what you have your is just over 2 trillion in income. that's all it is really. and look at these euros....
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Dec 26, 2012
12/12
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CNBC
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i would rather see a much bigger fiscal cliff in the way of government spending cuts. that's what we really need. but if we're not going to do that, we're not going to cut spending, then the middle class has to brace for the bad news. they have to pay for all this government and the best way to do it is with taxes. unfortunately, taxes on the rich are not going to work. they are already overtaxed. it's the middle class that's going to have to pay more if we want all this government. >> do you think they can, peter, without destroying the economy? because the question i asked extensively last week is why is a couple hundred dollar tax rise to the middle class a doom now, but during the clinton era, it was praised? >> well, people don't have the home equity they had back then and they don't have the stock market wealth they had back then. >> costs have gone up. >> inflation, inflation has -- look at how much gas costs now compared to what it cost back then. food is a lot more expensive. look, the economy is buckling under the weight of all this government. no, i don't th
i would rather see a much bigger fiscal cliff in the way of government spending cuts. that's what we really need. but if we're not going to do that, we're not going to cut spending, then the middle class has to brace for the bad news. they have to pay for all this government and the best way to do it is with taxes. unfortunately, taxes on the rich are not going to work. they are already overtaxed. it's the middle class that's going to have to pay more if we want all this government. >> do...
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gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion cut that is being applied right now as we speak. to take another cut on top of that is devastating. >> reporter: it's not just the military itself that will take a hit, also the defense industry, defense contractors, private companies that do work for the pentagon. one democratic congressman in northern virginia whose district maybe hit the hardest by all of this says it could mean layoffs. >> the large defense contractors will probably be okay, they have significant cash reserves, most of them. the smaller contractors would have trouble getting their lines of credit extended, trouble keeping their employees, i
gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion...
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Dec 31, 2012
12/12
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WBAL
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[no audio] >> just hours away from possibly going over the fiscal cliff. if without a deal before midnight, americans will be ringing in this new year with tax hikes and spending cuts. this could kick the economy back into a recession. both chambers convened in a rare sunday session but came up empty. all a great tax rates should be preserved for the middle class. >> taxes on middle class families do not go up. >> in the deal must force wealthier americans to pay more. republicans say that will do nothing to curb the mounting debt. ernie to joe biden to break the stalemate. >> we are running at a time. there is too much at stake. >> workers may see less and there paycheck if there is no agreement. government contractors might be forced to lay off employees. businesses could lose tax breaks. many americans are still hoping for an 11th hour compromise. >> i would hope they could work together and realize that this is affecting everyone. >> both chambers will reconvene later this morning, at which point there will be 12 hours left until the deadline. >> what
[no audio] >> just hours away from possibly going over the fiscal cliff. if without a deal before midnight, americans will be ringing in this new year with tax hikes and spending cuts. this could kick the economy back into a recession. both chambers convened in a rare sunday session but came up empty. all a great tax rates should be preserved for the middle class. >> taxes on middle class families do not go up. >> in the deal must force wealthier americans to pay more....
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Dec 28, 2012
12/12
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WBAL
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now to the fiscal cliff hanger. three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders at the white house. called by president obama, house speaker john boehner is a key figure. >> the fact that he has come back to me says that they cannot come up with some kind of agreement. -- that they can come up with an agreement. >> both sides want to avoid middle-class tax cuts. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should
now to the fiscal cliff hanger. three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders...
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. >> turning now to the fiscal cliff. it's cost americans more money in tax asks caused deep cuts to many programmer autos there is no deal. right now, congressional leaders said to be close toon agreement f it happens it won't be until tomorrow at earliest. >> abc 7 news has been monitoring the back and north and joins usry. mark, safe to say we may go over the cliff but not to a crash landing. >> you're right that. is a good way to put it. just hours until the fiscal cliff deadline, house republicans have pulled a plug. this, after both senate and white house made it clear a deal was very close. >> president obama told supporters this afternoon that there has been progress in avoiding a hike in middle class tax autos preventing that tax hike has been my top priority. >> the president said the deal being worked outwqjx between the senate republican leader mcconnell and vice president will extend current tax rates for households making up to $450,000 per year, increasing estate tax rate from 35% to 40%, and extend unemplo
. >> turning now to the fiscal cliff. it's cost americans more money in tax asks caused deep cuts to many programmer autos there is no deal. right now, congressional leaders said to be close toon agreement f it happens it won't be until tomorrow at earliest. >> abc 7 news has been monitoring the back and north and joins usry. mark, safe to say we may go over the cliff but not to a crash landing. >> you're right that. is a good way to put it. just hours until the fiscal cliff...
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Dec 24, 2012
12/12
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it cannot be part of the fiscal cliff at all. if there is one, it will be a figleaf. something small to get people political coverage to cut the tax increases to be canceled. host: why is it so much harder today than it was in 1986, when her of writing was able to forge a compromise on tax reform? guest: where do you want to start? communications are very different now. the internet, cable tv, informing people differently. you have a different situation with the leadership. the 1986 tax act took three years to enact. congress was a lot less partisan, the country was less divided. also, that was different in the sense that it was opposed to be revenue neutral. at the end of the day, whenever they changed, it would bring in the same amount. now there is a general consensus that tax reform will have to bring in more revenue. that makes it a far more difficult process. in addition, the country has gotten older. more people are on medicare and social security and medicaid. that is where the voting power is, and that makes things but more difficult. guest: when you are look
it cannot be part of the fiscal cliff at all. if there is one, it will be a figleaf. something small to get people political coverage to cut the tax increases to be canceled. host: why is it so much harder today than it was in 1986, when her of writing was able to forge a compromise on tax reform? guest: where do you want to start? communications are very different now. the internet, cable tv, informing people differently. you have a different situation with the leadership. the 1986 tax act...
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Dec 29, 2012
12/12
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WJZ
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that is a fiscal cliff area. >> closed american bond fundsare over value yelded and they are leveraged and we think the dividends are going to be cut and there is a risk we would just avoid them. >> do you own any of theserecommendations? >> for our discretionaryaccounts we own all of the closed end accounts and the herzfeld caribbean accounts olds all of the those we spoke of. >> susie: thank you very much tom. or our market monitor tomorrow herzfeld. coming up on monday on "n.b.r." we'll be monitoring those fiscal cliff negotiations, and we'll have news and analysis. we'll also a look back at the year in stocks, and s&p's sam stovall joins us to pre-view what's next for the markets in the year ahead. it could be one of the biggest trends in business next year: companies setting aside time for their employees to play. ruben ramirez explains. >> reporter: it may be hard to remember those hot summer days on the playground. the freedom to let your mind wander. how times have changed. as companies slashed jobs during the great recession worker productivity surged, today, many people are d
that is a fiscal cliff area. >> closed american bond fundsare over value yelded and they are leveraged and we think the dividends are going to be cut and there is a risk we would just avoid them. >> do you own any of theserecommendations? >> for our discretionaryaccounts we own all of the closed end accounts and the herzfeld caribbean accounts olds all of the those we spoke of. >> susie: thank you very much tom. or our market monitor tomorrow herzfeld. coming up on...
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of a several-chapter book here because now we're going to have to deal with the debt ceiling fight and republicans have been calculating that they want to extract some concessions from the white house on that. that can't be considered separate from what we're talking about today. of course, we have to do the sequestration and what will happen with those cuts. so it's too early to tell who wins, who loses. i'll add to ezra, the big losers i guess are us, and me in particular standing out here in the cold on new year's eve over a manufactured crisis. >> there are a lot of us who did not expect to be here at 5:31 eastern time on new year's eve. we shall say that. let m
mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of a several-chapter book here because now we're going to have to deal with the debt ceiling fight...
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so now you've got everything happening as we expected on the fiscal cliff. the sequestration, the spending cuts, and the tax increases. which as we know will lead to a recession in 2013 likely. >> okay. we got to leave it there. >> all right. thank you. good job. happy new year. i don't know if this means you won the bet or not. i can't decide. what's that? >> i think i won the bet. i didn't want to win the bet. >> wooe'll talk. happy new year, kid. >>> keep it here for the latest on the cliff developments. we're not done with this yet. america's economy held hostage gips at 6:00 p.m. eastern time tonight. >> indeed it does. >>> also insiders view now it is a fact we are going over the cliff. what does it mean when we start trading on wednesday? >>> when we come back, a couple of technology pros gaze into their crystal balls this new year's eve. one of them thinks facebook will buy netflix and microfox will take over research in motion. oh, yeah? we'll talk about that coming up. [ male announcer ] at scottrade, we believe the more you know, the better you tr
so now you've got everything happening as we expected on the fiscal cliff. the sequestration, the spending cuts, and the tax increases. which as we know will lead to a recession in 2013 likely. >> okay. we got to leave it there. >> all right. thank you. good job. happy new year. i don't know if this means you won the bet or not. i can't decide. what's that? >> i think i won the bet. i didn't want to win the bet. >> wooe'll talk. happy new year, kid. >>> keep it...
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draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the internet that isn't true. where did you hear that? [ both ] the internet. oh look. here comes my date. i met him on the internet. he's a french model. uh, bonjour. [ male announcer ] state farm. more mobile than ever. get to a better state. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market
draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the...
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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and waiting has her on a fiscal cliff of her own. what does it do to there's another month, two months, three months of this? >> it could potentially impact the entire year. it doesn't allow you to make any plans or focus on what your future expansion or growth or anything is. >> reporter: it could shoot a hole in your whole year. >> yes. reporter: california has the most workers associated with the defense industry. in 2010 the numbers topped out at more than 160,000 employees so the wrangling in washington has a huge impact here. there seems an element of this that is just... >> unfair? reporter: is that what you think? >> incredibly unfair. reporter: because? because they have a responsibility. they're not taking care of it. >> reporter: the company did to have lay off workers during the recession but she said things were starting to get better. december was a very good month. all this unis effort tee she says puts her right back to square one a problem that she says was completely avoidable from the start. >> lee cowan, thank you
and waiting has her on a fiscal cliff of her own. what does it do to there's another month, two months, three months of this? >> it could potentially impact the entire year. it doesn't allow you to make any plans or focus on what your future expansion or growth or anything is. >> reporter: it could shoot a hole in your whole year. >> yes. reporter: california has the most workers associated with the defense industry. in 2010 the numbers topped out at more than 160,000...
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at the 11th hour, just when people were starting to lose hope on the edge of the fiscal cliff the president met with leaders and said he was modestly optimistic about a deal on taxes. meeting this the red room, president obama held firm for tax cuts for families making up to $250,000 per year, and joining me on the north lawn of the white house is kristen welker. kristen, let's listen to what the president said about and up or down vote or what he expects from the senate. >> i had a good and constructive discussion here with the leadership about this tax hike on the middle-class. i am optimistic that we can reach an agreement that will be passed in both houses. if an agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor and up or down vote for the floor, and i believe a p proposal could pass both houses with majorities as long as the leaders allow it to actually come to a vote. if members of the house or the senate want to vote no, they can. but we should let everybody vote. >> kristen, this up or down vote seems to
at the 11th hour, just when people were starting to lose hope on the edge of the fiscal cliff the president met with leaders and said he was modestly optimistic about a deal on taxes. meeting this the red room, president obama held firm for tax cuts for families making up to $250,000 per year, and joining me on the north lawn of the white house is kristen welker. kristen, let's listen to what the president said about and up or down vote or what he expects from the senate. >> i had a good...
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cliff drama. most americans could see a rise in taxes and government spending cuts if government does not reach a deal before year's end, and i want to bring in two capitol hill veterans, budget committee member as well, martin frost of texas and david winston, he was aide to newt gingrich and adviser to newt gingrich's 2012 presidential campaign. i want to pick up where we left off last hour. gentlemen, you were making a point. my question is what happened to those talks between the president and john boehner. at one point they were 400 million apart and it was one whole heck of a lot of money and what happened? i think what happened is that the president decided that he was going to up the number from 800 to $1.2 trillion worth of revenue that he wanted. >> that took speaker boehner to the point where he didn't think they would go through the house and things began to fall apart at that point and they ended up going with this commission and i think it was frustrating to both men. my sense is the
cliff drama. most americans could see a rise in taxes and government spending cuts if government does not reach a deal before year's end, and i want to bring in two capitol hill veterans, budget committee member as well, martin frost of texas and david winston, he was aide to newt gingrich and adviser to newt gingrich's 2012 presidential campaign. i want to pick up where we left off last hour. gentlemen, you were making a point. my question is what happened to those talks between the president...
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a while have held the upper hand on these fiscal cliff negotiations because what is it all mean? this is about taxes for democrats, and the bush tax cuts expire at the end of this year, and, look, they are saying republicans are going to come back and say we don't want taxes to go up for those, you know, making less than $250,000 a year or more, so they will come back at the beginning of the year and propose something that can get done. you heard chuck schumer who happens to be reid's top lieutenant say the same thing on "meet the press" last week, so i think that that's what democrats see as their leverage and their fallback. now, republicans see the debt ceiling as their leverage which is a tricky game. >> we're hearing that vice president joe biden has been linked to the negotiations. what do you think his role is in all of this, and why do you think he's being called in now? >> well, mitch mcconnell, a top republican aide told me, picked up the phone and called joe biden because they felt like these talks were going nowhere, that they hadn't heard back from harry reid and dec
a while have held the upper hand on these fiscal cliff negotiations because what is it all mean? this is about taxes for democrats, and the bush tax cuts expire at the end of this year, and, look, they are saying republicans are going to come back and say we don't want taxes to go up for those, you know, making less than $250,000 a year or more, so they will come back at the beginning of the year and propose something that can get done. you heard chuck schumer who happens to be reid's top...
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in other words, we all tumble off the fiscal cliff together. for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. >>> while most of you were out welcoming in the new year, the senate was out working late and long after the champagne toast, they passed a deal on the fiscal cliff. now it's up to the house to pass it. the house gets back to work in about 30 minutes from now. house republicans are going to meet to decide what the next step is. vote, no e vote, change things? so while we have heard the reactions from some lawmakers on that senate deal, americans who are a bit groggy from last night, are waking up to the news and having weighing in. alison kosik has been out sampling some of that opinion. what are people saying? >> reporter: you know what's in
in other words, we all tumble off the fiscal cliff together. for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. >>> while most of you were out welcoming in the...
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obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was pounding the same message again and again f. we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration sa
obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was...
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if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they would all be in time-out. if it was the private sector, they'd all be fired. there's absolutely no excuse. the only solution lies with us, the american people, and with us the voters demanding that they start working together and actually coming up with something. we cannot continue having these spectacles every few months. it's like making sausage. >> can we talk about the optics of this, maria? there are many saying this is a republican and democratic problem, we're here because republicans won't play ball. >> well, i mean, it's easy for me to s
if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids...
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interesting to see -- >> i know you have to go, the fiscal cliff -- the fiscal cliff wants to cut money from mental health services. >> indeed. mr. michael nutter of philadelphia, we appreciate it. >>> let's shift back to the fiscal cliff and the art of the possible with one of the lawmakers that will have to pass a vote if a deal is consummated, kay bailey hutchison, member of the appropriations committee and republican from texas, she joins me now. thanks so much for being on the program. >> thank you, luke. >> so we know now the ball is in the senate's court, emphasis is now on harry reid and mitch mcconnell. seems the house is not in session. johnny isakson, your colleague from georgia said congress should pass the $250,000 and below deal because that's what's going to happen afterwards. do you think that should happen? >> i do not. i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that. however, i talked to some of my democratic colleagues and they are saying maybe in the $400,000 or $500,000 category we could set a benchmark. i do think
interesting to see -- >> i know you have to go, the fiscal cliff -- the fiscal cliff wants to cut money from mental health services. >> indeed. mr. michael nutter of philadelphia, we appreciate it. >>> let's shift back to the fiscal cliff and the art of the possible with one of the lawmakers that will have to pass a vote if a deal is consummated, kay bailey hutchison, member of the appropriations committee and republican from texas, she joins me now. thanks so much for...
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three days from possibly going over the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households come tuesday. look at these numbers from the tax policy center. some of the poorest americans who make up to $20,000 a year, will have to shell out $412 more to the irs and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000, you'll pay almost $2,000 a year, if you make between $64,000 to $108,000, that jumps up to 3,500. and anybody making more than $108,000, yeah, you'll have to give up a little more than $14,000. overall, the average american will pay more than $3,500 a year. will lawmakers be able to pull off a deal before the new year? here's cnn chief correspondent ali velshi. >> alison, i have no idea whether we'll get a fiscal cliff deal done or not. i do have a pretty good idea as to how we got into this gigantic pickle in the first place. >> now we've passed a bold package of tax relief for america's families and businesses.
three days from possibly going over the fiscal cliff. it's our focus this morning. if lawmakers fail to reach a deal, that would mean spending cuts and tax hikes for 88% of all american households come tuesday. look at these numbers from the tax policy center. some of the poorest americans who make up to $20,000 a year, will have to shell out $412 more to the irs and everyone earning more than $40,000 a year will be affected. if you make $40,000 to $64,000, you'll pay almost $2,000 a year, if...
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just eight days until america goes off the fiscal cliff. with both sides on holiday break, all we're getting is finger pointing. some republicans say the scenario that's unfolding is part of a white house scheme. >> when i listen to the president, i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom cliff. gets additional tax revenue for new programs, to cut the military which democrats have been calling for for years and blame republicans for it. >> white house correspond respondent brianna keilar traveling live with the president, joins us from honolulu, hawaii. i suspect this is a working vacation for the president. >> it is what of a working vacation. he is always keeping his on eye on things. but there are not a lot of discussions going on. the white house no longer really having any substantive conversations with house speaker john boehner or senate minority leader mitch mcconnell which is key in finding something to get through the senate and perhaps because of
just eight days until america goes off the fiscal cliff. with both sides on holiday break, all we're getting is finger pointing. some republicans say the scenario that's unfolding is part of a white house scheme. >> when i listen to the president, i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom cliff. gets additional tax revenue for new programs, to cut the military which democrats have been calling for for...
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the debt limit and not the fiscal cliff. >> what's it going to look like when we have this fight about the debt ceiling. >> robert just said that the one thing that has been brought up is the debt ceiling as part of the negotiation and the other thing that they've mentioned are the spending cuts and he'll make an offer to put those on the table and part of that is that these are not popular right now and we could have an intellectual exercise about whether they should be, about whether it's proper or not, but the political reality is barack obama just wants to campaign and the liberals did very well. ? they didn't win the house. >> what's that? >> they didn't win the house. >> you're absolutely right. you're absolutely right. from a messaging perspective, from a messaging perpective, was there not an aacclimation. >> i have to get jimmy in here. >> eebt ally the financial markets will send a message. you need to do something about this debt and then we're talking draconian cuts and draconian tax increases and why we're not doing it now. >> what's your new year's resolution and what sho
the debt limit and not the fiscal cliff. >> what's it going to look like when we have this fight about the debt ceiling. >> robert just said that the one thing that has been brought up is the debt ceiling as part of the negotiation and the other thing that they've mentioned are the spending cuts and he'll make an offer to put those on the table and part of that is that these are not popular right now and we could have an intellectual exercise about whether they should be, about...
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for everybody for 6 months until we get this resolved we wouldn't be talking the fiscal cliff that would take statesmanship from the president and it would do the economy a world of good and i wish that would happen. think about this, this is a major situation. we are almost 24-hours away from the new year. no business, no investor, no worker knows what the capital gains tax will be the personal tax is going to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it isn't. i think there's blame on both sides. one of the frustrations when i go to republican source on capitol hill they say the president is in the same place negotiation as he was 6 weeks ago that is to s
for everybody for 6 months until we get this resolved we wouldn't be talking the fiscal cliff that would take statesmanship from the president and it would do the economy a world of good and i wish that would happen. think about this, this is a major situation. we are almost 24-hours away from the new year. no business, no investor, no worker knows what the capital gains tax will be the personal tax is going to be the social security tax will be alternative minimum tax will be. it is like a...